Jeb Bush’s Private Equity Woes Resemble Mitt Romney’s
Former Florida Governor Jeb Bush’s recent business ventures reveal that he shares a number of liabilities with the Republican Party’s last presidential nominee, Mitt Romney, whose career in private equity proved so politically damaging that it sunk his candidacy.
Documents filed with the U.S. Securities and Exchange Commission on Nov. 27 list Bush as chairman and manager of a new offshore private equity fund, BH Global Aviation, which raised $61 million in September, largely from foreign investors. In November the fund incorporated in the U.K. and Wales -- a structure, several independent finance lawyers say, that operates like a tax haven by allowing overseas investors to avoid U.S. taxes and regulations.
BH Global Aviation is one of at least three such funds Bush has launched in less than two years through his Coral Gables, Florida, company, Britton Hill Holdings. He’s also chairman of a $26 million fund, BH Logistics, established in April with backing from a Chinese conglomerate, and a $40 million fund involved in shale oil exploration, according to documents filed in June and first reported on by Bloomberg News.
His flurry of ventures doesn’t suggest someone preparing to run for president, according to a dozen fund managers, lawyers, and private-placement agents who were apprised of his recent activities by Bloomberg Businessweek.
http://www.bloomberg.com/news/2014-12-11/jeb-bush-s-private-equity-woes-similar-to-what-sunk-mitt-romney.html
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